West Lincoln defers McNally ask to budget process

By Mike Williscraft NewsNow

A $70,000 ask for support of a four-bed expansion at McNally House Hospice was deferred at Monday night’s council meeting to West Lincoln’s 2023 budget process with a couple of added conditions.

“I’d like to see it more as a partnership,” said Coun. William Reilly.

“I think if we’re going to commit any kind of money to this organization, I’d like to see it more like a team effort than necessarily just handing money and then we’re done.”

Coun. Mike Rehner agreed, noting Lincoln had already committed, but Grimsby had not.

Among the suggestions Reilly made was to have a resident of West Lincoln installed on the McNally board of directors.

As well, he wanted a condition that West Lincoln’s approval would be based on other municipalities served by McNally would also have put their support behind the project.

“So it’s not West Lincoln left holding the bag like we’ve had in previous councils with previous assets which did not reside in West Lincoln,” said Reilly.

“We most certainly welcome (West Lincoln) directors on our board and we have in the past,” said fundraising campaign cochair Debbie Zimmerman, noting long-time Stanpac vicepresident of marketing, Murray Bain, is the board president and campaign co-chair.

Coun. Joann Chechalk cited the wishes of legendary Mississauga Mayor Hazel McCallion, who died last week at 101, for her community to have “all of the elements required to allow her community members to live a full happy, healthy life and death were there in the form of hospitals, hospices, schools and churches.”

“In honour of that lady, I would have to say, West Lincoln wants the push and kind of enthusiasm to get these kinds of things done for their people as well.”

Coun. Jason Trombetta, who noted McNally had an ask voted down during the last term of council, said “there is a different vibe than last time and that’s always a good sign”

With council’s deferral, Mayor Cheryl Ganann noted the $70,000 could be divided to $17,500 over four years and making it part of the process will allow for the administrative conditions to be followed up on.

The return of the Co-signor: Asking Mom or Dad to co-sign on your mortgage is a popular solution, once again.

For many homebuyers, the dream of homeownership is just that - a dream. This is primarily due to the Federal Government’s mortgage qualifying stress test, and higher interest rates than we’ve experienced over the past five years, as well as runaway house prices.

Another challenge: Wages have not kept pace with the increase to home values.

One possible solution to help you qualify for a mortgage is to source a Co-signor. It can be anyone who is financially stable and with whom you have mutual trust, but typically mortgage lenders prefer that your Co-signor be an immediate relative.

The Co-signor will have to meet the same financial qualifications as you, the primary borrower. This will include a good credit score, reliable income and low debt service ratios.

Retired parents with modest pension income may not be the best candidates, even though they may be mortgage free in their own home.

Agreeing to co-sign for someone implies risk, and little benefit, other than the joy from helping your loved one realize their home ownership dream. All parties should be fully aware of what is at stake, with a clear understanding of the arrangement before entering into such an agreement. I also recommended that all parties seek independent legal and accounting advice before entering into this type of arrangement.

A co-signor is just one possible solution to a successful mortgage application. I welcome the opportunity to help you determine your options for mortgage financing. Talk to us, you’ll be impressed.

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